American Landmark Grows Tampa Portfolio
- Feb 07, 2019
American Landmark has acquired a 300-unit, Class A, garden-style community in Tampa. Cortland sold the property after three years of ownership, according to Yardi Matrix. Carlyle at Crosstown was 96.3 percent leased at the time of the sale.
Located at 1820 Crosstown Club Place, the community is near the intersection of major thoroughfares, such as the Selmon Expressway and Interstate 75. Additionally, the property is situated around 8 miles from downtown Tampa and approximately 17 miles from Tampa International Airport.
Constructed in 2009, the 18-building Carlyle at Crosstown occupies 16.7 acres and comprises a mix of one-, two- and three-bedroom units, averaging 1,035 square feet, Yardi Matrix shows. The units feature granite countertops, black appliances, plank flooring, ceramic tile flooring and kitchen islands. Communal area amenities include:
- swimming pool with sundeck
- fitness center
- business center
- pet grooming station and dog park
- car care center
The buyer plans to invest $2.3 million into improving the exterior, as well as the interior of the property. Upgrades will include smart thermostats, closet cabin systems and electronic key fobs. Additional communal area improvements will include a package locker system, renovated clubhouse and landscaping.
“Tampa has always been an attractive market to invest and grow in, particularly because of its consistent opportunities in labor and economic growth,” said Christine DeFilippis, chief investment officer of American Landmark, in prepared remarks. “Ranked as one of the best cities in the world by Resonance Consultancy, the metro area is receiving the recognition it deserves as a destination with high-quality infrastructure, institutions, and arts, areas that we’ve witnessed firsthand since our initial investment in the city.”
Image courtesy of American Landmark